Petra Diamonds Reports Higher Revenue in First Diamond Tender of Fiscal 2024
Petra Diamonds, a leading gemstone miner, announced that it has raised $79.3 million in its inaugural diamond tender for fiscal year 2024. This represents an impressive 88% increase compared to the previous tender.
The company successfully sold 696,200 diamond carats during the tender, marking a substantial 49% growth from the prior period's 468,817 carats. Notably, the average price achieved was $114 per carat, significantly higher than the $90 recorded in the previous tender held in May.
Despite these positive results, Petra Diamonds expressed that the actual demand observed was slightly lower than anticipated. This can be attributed to existing uncertainties caused by elevated interest and inflation rates being experienced at present.
Chief Executive, Richard Duffy, remains optimistic and believes that the prevailing high interest and inflation rates have reached their peak and will begin to decline. Consequently, he expects improved demand in the medium-term.
Duffy further stated his confidence in the future of jewelry demand and expressed hope for it to strengthen, thus providing valuable support to prices as the rest of the calendar year progresses.
All Rights Reserved © 2024
Post a comment